【导读】三部门发布《关于调整享受车船税优惠的节能 新能源汽车产品技术要求的公告》 事关新能源汽车，又有重磅调整！ 10月10日，工信部官网显示，工业和信息化部、财政部、税务总局三部门联合发布《关于调整享受车船税优惠的节能 新能源汽车产品技术要求的公 告》。 该公告自2026年1月1日起实施，工业和信息化部、财政部、税务总局公告2024年第10号同时废止。 2026年1月1日（含）起，新申请享受车船税优惠政策的节能、新能源汽车车型，其技术要求按照本公告规定执行，符合条件的列入新的《享受车船税减免 优惠的节约能源 使用新能源汽车车型目录》（以下简称新《目录》）。新《目录》自第八十二批开始。 新《目录》公告后，第六十五批至第八十一批《目录》同时废止，原《目录》中符合本公告技术要求的车型将自动转入新《目录》，不符合本公告技术要 求的车型应于2026年1月1日前完成整改和重新申报，符合要求的可列入新《目录》。 新《目录》公告前，已取得的列入第四批至第八十一批《目录》的节能、新能源汽车，不论是否转让，都可继续享受车船税减免优惠政策。 值得关注的是，此次公告附件4中对新能源乘用车的技术要求有所提升，引入了更新的国家标准。例 ...

金龙客车以"EVolve Unlimited——进化无限"为主题，展示城市公交、城际客车和商务车等多款新能源 车型。公司将航空航天领域的碳纤维复合材料引入客车制造，使整车强度提升10%、重量减轻30%，有效 降低能耗并提升安全性。碳纤维新能源巴士搭载轮边独立悬架驱动系统，减重超800公斤，运营能耗降低 14%-18%，并实现空间利用最大化。 人民网布鲁塞尔10月10日电 （记者牛瑞飞）作为全球规模最大、历史最悠久的专业客车展会之一，比 利时世界客车博览会于10月4日至9日在布鲁塞尔展览中心举行，展出面积达8.5万平方米，汇聚来自40个国 家的550家参展商。世界客车博览会欧洲总监米克·格洛里厄表示："2025年的参展阵容充分体现了全球客车 行业格局的变化。"在参展商数量中，中国以85家公司位列第二，彰显出中国客车制造的快速发展和全球 竞争力。 展会现场，中国品牌成为瞩目焦点。宇通客车以"智行生态，绿动未来"为主题，携高端纯电车型及多 项核心技术参展，一举获得七项大奖。其"车电同寿"技术通过15年或150万公里长寿命电池，实现整车与 电池生命周期同步，降低运营成本，提升车辆可靠性；Link+智能车队管理系统借助 ...

智通财经APP获悉，中国汽车流通协会商用车专业委员会提供的销量数据显示，2025年8月，新能源商用车零售销量为7.34万辆，同比增长45.96%，环比 增长2.69%。1-8月，新能源商用车累计零售销量为50.29万辆，同比增长54.52%。 一、2025年8月新能源商用车零售销量 2025年8月新能源商用车零售销量为7.34万辆，同比增长45.96%，环比增长2.69%。其中96.9%的销量来源于纯电动商用车，销量达到7.11万辆，同比增长 48.82%。 从类型来看，新能源卡车销量为4.73万辆，占比64.4%，同比增长86.23%，环比增长7.75%;新能源客车销量为2.61万辆，占比35.6%，同比增长4.93%，环 比下降5.35%。 从企业/品牌表现来看，TOP5企业/品牌销量占比为41.01%，分别是吉利远程、福田汽车、上汽五菱、上汽大通和徐工汽车。 从企业/品牌表现来看，1-8月TOP5企业/品牌累计销量占比为37.62%，分别是吉利远程、福田汽车(600166.SH)、上汽五菱、徐工汽车和开瑞汽车。 二、2025年1-8月新能源商用车累计零售销量 2025年1-8月新能源商用车累计零售销量为 ...

Core Viewpoint - In August 2025, China's sales of new energy buses above 7 meters achieved a double increase both month-on-month and year-on-year, indicating a robust growth trend in the market [1][2]. Sales Performance - In August 2025, a total of 4,403 new energy buses were sold, representing an 18.97% month-on-month increase and a 46.28% year-on-year increase [1][2]. - Cumulatively, from January to August 2025, sales reached 26,254 units, a year-on-year increase of 37.38% [1][10]. Leading Companies - Yutong Bus maintained its leading position with 1,493 units sold in August, achieving a month-on-month growth of 120.86% and a year-on-year growth of 121.84%, capturing a market share of 33.91% [2][3]. - Xiamen Golden Dragon ranked second with 375 units sold, marking a month-on-month increase of 103.80% and a year-on-year increase of 234.82% [5][7]. - BYD ranked third with 352 units sold, maintaining its position from the previous month [5][7]. Market Share - The top three companies accounted for 50.42% of the market share in August, an increase from 48.85% in July [10]. - The top ten companies collectively held 89.05% of the market share, up from 87.76% in July [10]. Segment Performance - In the bus segment, 3,439 units were sold in August, with a month-on-month increase of 27.18% and a year-on-year increase of 54.01% [14][16]. - The seat bus segment saw sales of 962 units, with a month-on-month increase of 2.34% and a year-on-year increase of 24.94% [21]. - Other buses, including school buses, experienced a decline in sales [14][15]. Notable Growth - Dongfeng Co. exhibited remarkable growth with a month-on-month increase of 792.86% and a year-on-year increase of 1983.33% [7][18]. - Among the top ten companies, Zhongtong Bus achieved a year-on-year growth of 151.19%, while Xiamen Golden Dragon's cumulative sales growth reached 93.99% [10][20]. Future Outlook - The competition among leading bus brands is intensifying, with ongoing product updates and innovations expected to drive further growth in the new energy bus market [24].

Core Viewpoint - In Q2, the company's revenue and net profit attributable to shareholders were 9.712 billion yuan and 1.181 billion yuan, showing a year-on-year change of -0.08% and +16.11%, respectively, with quarter-on-quarter changes of +51.33% and +56.36% [1][3] Financial Performance - For the first half of 2025, the company achieved operating revenue of 16.129 billion yuan, a year-on-year decrease of 1.26%, while net profit attributable to shareholders was 1.936 billion yuan, an increase of 15.64% [2] - In Q2, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 9.712 billion yuan, 1.181 billion yuan, and 909 million yuan, respectively, with year-on-year changes of -0.08%, +16.11%, and +5.42% [3] - The company sold a total of 12,300 buses in Q2, a year-on-year decrease of 4.0%, but a quarter-on-quarter increase of 36.6% [3] Export and Sales Growth - The company’s export sales in July and August reached 7,500 units, a year-on-year increase of 6.80%, with exports accounting for 32.2% of total sales in Q2 [1][3] - The company aims to sell 16,500 buses for export in 2025, representing an 18% year-on-year increase, and expects continued growth in exports in the second half of the year [5] Profitability and Cost Control - Q2 gross margin and net margin were 22.94% and 12.36%, respectively, with year-on-year increases of 1.18 percentage points and 1.83 percentage points [4] - The company maintained effective cost control, with various expense ratios showing improvements compared to the previous year [4] Future Outlook - The company has set ambitious targets for 2025, including selling 33,000 units of new energy buses, which is a 22% year-on-year increase [5] - The domestic market is expected to recover due to new energy bus subsidy policies, which will enhance the company's operational performance [5]

Core Insights - The company reported a significant increase in overall vehicle sales for August, with a total of 336 units sold, representing a year-on-year growth of 180% [2] - However, the cumulative sales for the year show a decline of 25.28%, with a total of 1132 units sold [2] Production and Sales Data - In August, the total vehicle production was 151 units, marking a remarkable year-on-year increase of 1061.54%, while the cumulative production for the year stands at 1524 units, down 6.62% compared to last year [3] - The production of pickup trucks in August reached 135 units, reflecting a staggering growth of 6650%, with a cumulative production of 1359 units, which is a slight increase of 6.53% year-on-year [3] New Energy Vehicle Performance - The production of new energy buses in August was only 2 units, a decrease of 71.43% year-on-year, with a total cumulative production of 4 units for the year, down 92.16% [3] - Sales of new energy buses in August were just 1 unit, representing a decline of 83.33%, with cumulative sales for the year also at 1 unit, down 98.04% [3] Auto Parts Sales - The sales of automotive components, specifically axles, reached 101,084 units in August, showing a year-on-year increase of 45.58%, with cumulative sales for the year at 904,280 units, up 77.77% [3] - Notably, the sales of new energy axles in August were 69,089 units, reflecting a significant growth of 146.92%, with cumulative sales for the year at 576,834 units, which is an impressive increase of 255.63% [3]

Core Viewpoint - Yutong Bus (600066.SH) reported a revenue of 16.129 billion yuan for the first half of 2025, with a net profit attributable to shareholders increasing by 15.64% to 1.936 billion yuan, indicating strong performance and market leadership in the bus industry [1] Group 1: Financial Performance - In the first half of 2025, Yutong Bus achieved a total bus sales volume of 21,321 units, a year-on-year increase of 3.73% [1][2] - The company has maintained its position as the industry leader in the production and sales of large and medium-sized buses [3] Group 2: Market Outlook - Analysts from Huatai Securities are optimistic about Yutong Bus's profit elasticity in the second half of the year, attributing profit growth to high-value bus exports and economies of scale [9] - Southwest Securities noted that Yutong Bus's overseas expansion is deepening, with expected growth in export sales [9] Group 3: Export and Global Presence - Yutong Bus has exported over 110,000 buses to more than 60 countries and regions, establishing a significant global footprint [4] - The company has achieved substantial sales in Europe, Africa, and Central Asia, with notable repeat orders from Norway and Greece [4] Group 4: New Energy Bus Development - Yutong Bus has exported over 8,000 new energy buses, contributing to global carbon reduction efforts [5] - The industry saw a year-on-year increase of 16.51% in the export volume of large and medium-sized buses, with continued growth expected in the second half of the year [5] Group 5: R&D and Innovation - In the first half of 2025, Yutong Bus invested 746 million yuan in R&D, accounting for 4.63% of its revenue, reflecting a strong commitment to innovation [7] - The company focuses on key technologies such as electric drive, control, and battery systems, driving high-quality development across its product lines [8] Group 6: Shareholder Returns - Yutong Bus has distributed a total of 27.13 billion yuan in dividends over its 28 years of listing, with a cumulative dividend payout ratio of 76.7% [6][7] - The company ranks second in dividend yield among A-share listed companies [7]

Core Viewpoint - Yutong Bus, once considered a "sunset industry" two years ago, has made a remarkable comeback with a 600% increase in stock price and has quietly topped the global new energy bus sector [1] Group 1: Company Performance - Yutong Bus experienced a significant decline in sales and stock price two years ago, but has since rebounded dramatically [1] - The company's stock price has surged by 600%, indicating a strong recovery and investor confidence [1] Group 2: Industry Position - Yutong Bus has emerged as a leader in the global new energy bus market, showcasing its competitive edge in this sector [1]

Core Viewpoint - GAC Group reported a decline in revenue and significant net losses for the first half of 2025, indicating challenges in achieving operational targets and overall performance [1][3]. Financial Performance - Revenue for the first half of 2025 was CNY 42.166 billion, down 7.95% from CNY 45.8 billion in the same period last year [1][2]. - The net loss for the first half of 2025 was CNY 2.538 billion, compared to a net profit of CNY 1.516 billion in the previous year, marking a decline of 267.39% [2]. - The total profit for the period was a loss of CNY 3.925 billion, a decrease of 435.37% from the previous year's profit of CNY 1.170 billion [2]. - Cash flow from operating activities showed a significant decline, with a net outflow of CNY 10.769 billion compared to a positive inflow of CNY 2.635 billion in the previous year [2]. Business Segments - GAC Group's main business includes R&D, vehicle manufacturing (cars, motorcycles), parts, trade and mobility, energy and ecology, internationalization, and investment and finance, forming a complete automotive industry chain [5]. - The company produced and sold 801,700 vehicles and 755,300 vehicles respectively, representing a year-on-year decrease of 6.73% and 12.48% [7]. - New energy vehicle sales were 154,100 units, down 6.08% year-on-year, while energy-saving vehicle sales increased by 13.43% to 211,600 units [7]. Revenue Breakdown - Revenue from the automotive manufacturing sector was CNY 24.65 billion, down 19.39% year-on-year [8]. - Revenue from parts manufacturing increased by 9.81% to CNY 2.1 billion [8]. - Revenue from trade services rose by 15.67% to CNY 13.132 billion [8]. - Financial and other income increased by 13.22% to CNY 2.724 billion [8]. Shareholding Structure - As of June 30, 2025, GAC Group held 54.02% of the shares, while HKSCC NOMINEES LIMITED held 27.56% [10]. - The total number of shareholders was 135,756 [11]. Market Performance - As of September 1, 2025, GAC Group's stock price was CNY 7.73, with a market capitalization of CNY 78.8 billion [17].

Core Viewpoint - Yutong Bus has benefited from high export demand in 2023, with stock prices rising over 339% to peak, but concerns about sustainable growth have emerged due to fluctuations in export data post-July 2024, leading to underperformance compared to the automotive market this year [1] Group 1: Market Concerns - Has Yutong's overseas narrative changed? The company is accelerating its breakthrough under the opportunities presented by new energy, with a focus on high-quality development in bus exports, particularly in the new energy sector [1] - What is the long-term potential for Yutong? The domestic bus market is expected to expand to over 100 billion yuan by 2030, while the overseas market could reach 310 billion yuan, with Yutong's market share projected to increase from 35% to 40% domestically and from 5% to 13% overseas [2] Group 2: Investment Strategy - How to grasp Yutong's investment rhythm? The company’s stock price has historically been closely linked to export volume trends, and it is suggested to focus on long-term industry trends rather than short-term monthly data fluctuations [2] - Are there potential catalysts ahead? An increase in dividend payout ratios could enhance the company's valuation, with a potential adjustment in PE valuation to above 15 times if annual dividends reach 2 yuan per share [3] Group 3: Profit Forecast - Profit forecasts remain stable for the year, with upward adjustments for export volumes in 2026 and 2027 by 7% and 18% respectively, leading to an expected net profit of 49.0 billion yuan in 2025, 62.2 billion yuan in 2026, and 76.2 billion yuan in 2027 [3]